Question: How has the supply and demand for a specific product affected your or your family's purchasing decisions? Which variables most affect your decision to either

  • How has the supply and demand for a specific product affected your or your family's purchasing decisions?
  • Which variables most affect your decision to either buy or not buy a good or services

  • How do you think income elasticity affects a normal good versus an inferior good?Provide an example.

  • Discuss how the utility-maximization model helps highlight the income and substitution effects of a price change.Provide an example.

  • Differentiate betweenexplicit and implicit costs.
  • Explain the importance of considering both types of costs to make economic decision.
  • Provide examples of at least 2 explicit costs and 2 implicit costs.

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